Lithium-Ion Battery and EV Charging Connector Markets Set for Significant Growth

Lithium-Ion Battery Market to Grow by USD 448.8 Billion from 2024-2028, Driven by Rising Demand in Consumer Electronics, AI's Impact on Market Dynamics Explored - Technavio Report

NEW YORK, Aug. 26, 2024 /PRNewswire/ -- The global lithium-ion battery market size is estimated to grow by USD 448.8 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of 42.93% during the forecast period. Augmented demand from consumer electronics is driving market growth, with a trend towards legislative support for battery recycling. However, growing popularity of fuel cell solutions poses a challenge. Key market players include A123 Systems LLC, AT and T Inc., BYD Co. Ltd., CLARIOS LLC, Envision Energy USA Ltd., Exide Industries Ltd., GS Yuasa International Ltd., Hitachi Ltd., Johnson Controls International Plc., LG Chem Ltd., Manz AG, Panasonic Holdings Corp., Samsung SDI Co. Ltd., Shenzhen Bak Battery Co. Ltd., SK Inc., Sony Group Corp., TDK Corp., Tesla Inc., TianJin Lishen Battery Joint Stock Co. Ltd., and Toshiba Corp.. Get a detailed analysis on regions, market segments, customer landscape, and companies- View the snapshot of this report Lithium-Ion Battery Market Scope Report Coverage Details Base year 2023 Historic period 2018 - 2022 Forecast period 2024-2028 Growth momentum & CAGR Accelerate at a CAGR of 42.93% Market growth 2024-2028 USD 448.8 billion Market structure Fragmented YoY growth 2022-2023 (%) 33.19 Regional analysis APAC, Europe, North America, South America, and Middle East and Africa Performing market contribution APAC at 51% Key countries China, US, Norway, Germany, and Japan Key companies profiled A123 Systems LLC, AT and T Inc., BYD Co. Ltd., CLARIOS LLC, Envision Energy USA Ltd., Exide Industries Ltd., GS Yuasa International Ltd., Hitachi Ltd., Johnson Controls International Plc., LG Chem Ltd., Manz AG, Panasonic Holdings Corp., Samsung SDI Co. Ltd., Shenzhen Bak Battery Co. Ltd., SK Inc., Sony Group Corp., TDK Corp., Tesla Inc., TianJin Lishen Battery Joint Stock Co. Ltd., and Toshiba Corp. Market Driver The global shift towards electric vehicles (EVs) due to increasing environmental concerns and regulations against fossil fuel-powered vehicles is driving the demand for lithium-ion batteries. Governments worldwide are introducing initiatives to promote EV adoption and recycling of lithium-ion batteries to mitigate environmental impact. For instance, China is offering subsidies and imposing restrictions on new fossil fuel-powered vehicle manufacturing. The European Union has formulated a directive for battery collection and recycling, but current rates are low. Lithium-ion batteries contain harmful materials, such as cobalt and lithium, which can contaminate groundwater and soil if not recycled properly. Recycling can extract these metals, reducing pressure on mining and creating economically sustainable business models. Companies like Umicore, Stiftung GRS Batterien, and Li-Cycle are leading in lithium-ion battery recycling, using smelting and leaching processes. Legislation on battery recycling is crucial to ensure ecological sustainability and prevent contamination. The growth of EVs and stricter regulations will fuel the lithium-ion battery market during the forecast period. The Lithium-ion battery market is experiencing significant growth due to the increasing demand for rechargeable batteries in various industries. Energy efficiency and long-life are key trends driving this market. Traditional batteries like Lead-acid, Nickel-metal hydride, and Nickel-cadmium are being replaced by Lithium-ion batteries in passenger cars and consumer electronics. However, memory effect and ageing are challenges that need to be addressed. Integrated protection circuits ensure safe charging and discharging. Major players are focusing on strategic collaborations, mergers, and expertise management to meet the reliable power supply needs of the EV industry, EV sales, and renewable energy sector. Lithium and Cobalt are crucial raw materials, and supply chain disruptions can impact market prices. The automobile sector and consumer electronics are the major applications, with the EV industry expected to dominate the market's growth. Lithium-ion batteries are also being explored for use in lithium-air flow batteries. Explore a 360° Analysis of the Market: Unveil the Impact of AI. For complete insights- Request Sample! Market Challenges Lithium-ion batteries have long been the go-to energy storage solution for various industries, including automotive and material handling equipment. However, the increasing adoption of fuel cell systems poses a significant challenge for end-users. For instance, in warehouses where forklifts operate for extended hours, the frequent replacement or charging of lithium-ion batteries can cause logistical issues. Conventional batteries, such as lead-acid and lithium-ion, have a long recharging period, hold less energy per charge, and need replacement every 2-3 years. To address these challenges, fuel cells have emerged as a reliable and efficient alternative. Fuel cells convert stored chemical energy into electrical energy through an electrochemical reaction, offering higher efficiency and zero emissions. They are scalable and suitable for providing both backup and prime power in the stationary power sector. With fuel cells gaining traction in automotive applications, particularly in electric vehicles (EVs), the demand for lithium-ion batteries is expected to decline, impacting the market growth during the forecast period. Established automakers like Toyota Motor and Hyundai Motor are exploring fuel cell technology for next-generation EVs, offering longer range and faster refueling times. This shift towards fuel cells as a viable alternative to lithium-ion batteries will likely influence the market dynamics.The Lithium-ion battery market is experiencing significant growth, driven by the increasing demand for electric vehicles (EVs) in the automobile sector and consumer electronics. However, challenges persist, including supply chain disruptions for key components like Lithium and Cobalt. Major market players are responding through strategic collaborations and mergers. In the EV industry, lithium-ion batteries are the power sources of choice, with features like high power density, long life cycle, and high energy density. Anodes use graphite-based materials, while cathodes often consist of Lithium Titanate or Lithium Cobalt Oxide. The fundamental operation relies on an electrolyte solution and a selective membrane. Lithium-ion batteries are also used in small-sized electronic devices, aerospace, medical, marine, industrial, telecommunications, and renewable energy sectors. Alternatives like lithium-air flow batteries, solid-state batteries, and lead acid batteries are also under development. Lithium insertion materials, such as graphite and LiCoO2, play a crucial role in battery performance. Despite these advancements, improving conductivity and reducing costs remain key challenges. For more insights on driver and challenges - Request a sample report! Segment Overview This lithium-ion battery market report extensively covers market segmentation by Type 1.1 Lithium nickel manganese cobalt1.2 Lithium titanate1.3 Lithium iron phosphate1.4 Lithium cobalt oxideApplication 2.1 Automotive2.2 Consumer electronics2.3 Energy storage and othersGeography 3.1 APAC3.2 Europe3.3 North America3.4 South America3.5 Middle East and Africa 1.1 Lithium nickel manganese cobalt- Lithium-ion batteries with nickel, manganese, and cobalt compositions have gained significant market traction. The combination of nickel and manganese offers advantages: manganese's spinel structure creates low internal resistance, while nickel, despite its large specific energy, increases stability. These batteries are popular in power tools, e-bikes, electric drivetrains, laptops, mobile phones, portable gadgets, electric vehicles, and battery storage power plants. The lithium nickel manganese cobalt segment dominated the global lithium-ion battery market in 2023 and is projected to continue its dominance during the forecast period. For more information on market segmentation with geographical analysis including forecast (2024-2028) and historic data (2017-2021) - Download a Sample Report Research Analysis The Lithium-Ion Battery Market is experiencing significant growth due to the increasing demand for electric vehicles (EVs) in the automobile sector and the expanding use in consumer electronics and renewable energy applications. Lithium and cobalt are key elements in the production of these batteries, but supply chain disruptions and ethical concerns surrounding their sourcing have led to research on alternative materials like graphite-based lithium-ion batteries. The market is characterized by strategic collaborations, mergers, and the development of new technologies to improve conductivity, longevity, and safety. Major market applications include EVs, power tools, small-sized electronic devices, laptops, mobile phones, and power sources for renewable energy systems. Lithium insertion materials like LiCoO2 are fundamental to the operation of these batteries, and their combination of high energy density, long cycle life, and features like fast charging make them the preferred choice for various industries. Market Research Overview The Lithium-ion battery market is witnessing significant growth due to the increasing demand for electric vehicles (EVs) in the automobile sector and the expanding use of lithium-ion batteries in consumer electronics and renewable energy sector. Lithium and cobalt are the key raw materials for producing lithium-ion batteries, which have become essential power sources for various applications. The fundamental operation of lithium-ion batteries involves the movement of lithium ions from the anode to the cathode during charging and discharging. Graphite-based lithium-ion batteries are commonly used due to their high conductivity and energy efficiency. The market is experiencing supply chain disruptions due to the increasing demand and limited availability of raw materials. Major market trends include strategic collaborations, mergers, and the development of new technologies such as lithium-air flow batteries, solid-state batteries, and Lithium Titanate. Lithium-ion batteries are used in various sectors, including aerospace, medical, marine, industrial, telecommunications, and power tools. The commercial market for lithium-ion batteries includes electric vehicles, renewable energy storage, and small-sized electronic devices. The batteries are rechargeable, and their power density, life cycle, energy efficiency, and memory effect make them a reliable power supply for various applications. The market is competitive, with various types of batteries, including lithium-ion, lead-acid, nickel-metal hydride, and nickel-cadmium, vying for market share. The expertise and management of major players play a crucial role in delivering reliable battery solutions to meet the growing demand for lithium-ion batteries. Table of Contents: 1 Executive Summary 2 Market Landscape 3 Market Sizing 4 Historic Market Size 5 Five Forces Analysis 6 Market Segmentation TypeLithium Nickel Manganese CobaltLithium TitanateLithium Iron PhosphateLithium Cobalt OxideApplicationAutomotiveConsumer ElectronicsEnergy Storage And OthersGeographyAPACEuropeNorth AmericaSouth AmericaMiddle East And Africa 7 Customer Landscape 8 Geographic Landscape 9 Drivers, Challenges, and Trends 10 Company Landscape 11 Company Analysis 12 Appendix About Technavio Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios. Contacts Technavio Research Jesse Maida Media & Marketing Executive US: +1 844 364 1100 UK: +44 203 893 3200 Email: media@technavio.com Website: www.technavio.com/ View original content to download multimedia:https://www.prnewswire.com/news-releases/lithium-ion-battery-market-to-grow-by-usd-448-8-billion-from-2024-2028--driven-by-rising-demand-in-consumer-electronics-ais-impact-on-market-dynamics-explored---technavio-report-302230311.html SOURCE Technavio Market News and Data brought to you by Benzinga APIs

Europe's EV Charging Connector Market to Grow by USD 58.6 Million from 2024-2028, Driven by Rising EV Adoption, with AI's Influence on Market Trends - Technavio Report

NEW YORK, Aug. 26, 2024 /PRNewswire/ -- The electric vehicle (EV) charging connector market in Europe size is estimated to grow by USD 58.6 millionn from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of 19.09% during the forecast period. Increasing adoptions of EV is driving market growth, with a trend towards emergence of connected EVs. However, strong dominance of ICE-powered vehicles poses a challenge. Key market players include ABB Ltd., Alfen NV, Allego BV, Amphenol Corp., BP Plc, ChargePoint Holdings Inc., Efacec, Fujikura Co. Ltd., HUBER SUHNER AG, ITT Inc., Lumberg Holding GmbH and Co. KG, Robert Bosch GmbH, Schneider Electric SE, Siemens AG, Sumitomo Corp., TE Connectivity Ltd., Tesla Inc., Webasto SE, and Yazaki Corp.. Get a detailed analysis on regions, market segments, customer landscape, and companies- View the snapshot of this report Electric Vehicle (EV) Charging Connector Market In Europe Scope Report Coverage Details Base year 2023 Historic period 2018 - 2022 Forecast period 2024-2028 Growth momentum & CAGR Accelerate at a CAGR of 19.09% Market growth 2024-2028 USD 58.6 million Market structure Fragmented YoY growth 2022-2023 (%) 15.48 Regional analysis Europe Performing market contribution Europe at 100% Key countries France, Germany, UK, Norway, and Rest of Europe Key companies profiled ABB Ltd., Alfen NV, Allego BV, Amphenol Corp., BP Plc, ChargePoint Holdings Inc., Efacec, Fujikura Co. Ltd., HUBER SUHNER AG, ITT Inc., Lumberg Holding GmbH and Co. KG, Robert Bosch GmbH, Schneider Electric SE, Siemens AG, Sumitomo Corp., TE Connectivity Ltd., Tesla Inc., Webasto SE, and Yazaki Corp. Market Driver The European Electric Vehicle (EV) charging connector market is set to experience substantial growth due to advancements in EV technology. A primary challenge hindering EV adoption is range anxiety. To address this issue, EV manufacturers are developing connectivity modules to reduce range anxiety. Connected EVs offer solutions such as real-time battery management, online charging station booking, navigation assistance, and data on battery performance. These features alert users when battery levels are low and provide information on nearby charging stations. Manufacturers like Nissan and BMW are investing in connected EV technology, offering applications like Nissan's EV-IT and BMW i Remote to monitor battery information, charging data, and find charging stations. Companies like EV Connect are also developing cloud-based technologies, such as The EV Connect app, which uses location services to help drivers find, access, and pay for charging. The proliferation of connected EVs is expected to alleviate range anxiety, boosting EV demand and driving the need for EV charging connectors in Europe. The European Electric Vehicle (EV) charging connector market is experiencing significant growth due to increasing government assistance, tax breaks, grants, and subsidies to promote the adoption of EVs. With rising pollution levels and stricter emission norms, there is a growing demand for EVs and charging infrastructure. EV charging connectors come in various types, including residential charging, charging bases, and charging stations, which offer different charging power sources and charging times. Charging power sources range from electricity to hybrid technology, with charging time varying from slow to fast, depending on the charging level (Level 1 to Level 3) and charging power output (AC and DC). The market is witnessing a shift towards DC fast charging, with connectors like Type 1 and Combined Charging System addressing overheating issues. Incentives such as tax credits and installation services are also driving the growth of the charging network. Public charging stations are becoming more common, offering various power sources and charging speeds to meet the diverse needs of EV users. Explore a 360° Analysis of the Market: Unveil the Impact of AI. For complete insights- Request Sample! Market Challenges The European Electric Vehicle (EV) charging connector market faces a significant challenge due to the continued dominance of Internal Combustion Engine (ICE) vehicles in the region. With approximately 90% of all vehicles on European roads being ICE-powered, the automotive sector, which contributes around 4% to the EU's GDP, primarily generates revenue from their sales. Preference for SUVs, predominantly diesel-powered, remains high in Europe, making ICE vehicles popular. Despite efforts to reduce EV costs and alleviate financial burdens, high upfront costs and limited EV infrastructure hinder their adoption. Infrastructure development delays and the lack of a diverse range of EVs further increase the appeal of ICE vehicles. These factors negatively impact EV sales, posing a threat to the growth of the European EV charging connector market during the forecast period.The European Electric Vehicle (EV) Charging Connector Market is experiencing significant growth as automakers introduce more environment-friendly vehicles. However, challenges persist in the sector. Hybrid technology and various charging levels, including Level 1, 2, and 3, require different connectors and power sources. Fast charging, from 200V to 600V, demands high power output, leading to overheating issues. AC and DC charging, with pins ranging from Type 1 to Combined Charging System, require different infrastructure at public charging stations. Incentives like tax credits and government subsidies are essential to boost the market. Automakers are innovating with electric car models and charging networks, offering installation services and site assessments. Fast-charging vehicles need 45 kW external chargers and 3-level charging levels. Despite these challenges, the EV sector continues to evolve, with battery technology and charging pole innovations driving progress. For more insights on driver and challenges - Request a sample report! Segment Overview This electric vehicle (ev) charging connector market in Europe report extensively covers market segmentation by Charging 1.1 Slow charging1.2 Fast charging1.3 Rapid chargingGeography 2.1 Europe 1.1 Slow charging- In Europe, slow chargers are the most common type of Electric Vehicle (EV) charging solutions, providing an average charging power of 3 kW. These chargers come with either tethered or untethered cables and offer charging speeds between 3 kW and 6 kW. On average, an EV takes 6-12 hours to fully charge on a 3 kW unit. Most slow charging units are untethered and require a cable for connection to charging points. The majority of these chargers are installed in residential buildings, workplaces, and public areas. Although four types of slow charging connectors exist, Type 2 - 3 kW AC is the most widely used in Europe due to its compatibility with EVs and public charging points. Slow chargers offer several advantages, including affordability, ease of installation, and extended battery life. They do not require additional equipment and are less expensive than fast and rapid chargers. Slow charging systems also reduce the impact on power grids and contribute to the longevity of EV batteries. However, the slow charging segment is expected to lose market share due to the growing demand for rapid and fast chargers. This shift is driven by the need to overcome challenges related to EV mile range, the increasing focus on wireless charging systems, and the requirement for rapid charging on the move. Despite these challenges, slow chargers remain an essential component of the European EV charging infrastructure, providing cost-effective and convenient charging solutions for EV users. For more information on market segmentation with geographical analysis including forecast (2024-2028) and historic data (2017-2021) - Download a Sample Report Research Analysis The Electric Vehicle (EV) Charging Connector Market in Europe is experiencing significant growth due to the increasing adoption of environment-friendly vehicles. Electric Vehicle Connectors, also known as EV couplers, play a crucial role in the transfer of electricity from charging points to EVs. Charging points include charging poles, bases, and stations, which are available in various power sources and charging times. Residential charging is also gaining popularity, with incentives such as government subsidies, tax credits, and incentives driving demand. EV Charging Connectors come in different types, including Type 1 connectors with two pins, and the Combined Charging System (CCS) compatible with both AC and DC fast charging. Overheating issues have been a concern, but advancements in technology are addressing these challenges. The EV sector is subject to emission norms, and the shift towards electricity as a power source is a significant step towards reducing carbon emissions from automobiles. Market Research Overview The Electric Vehicle (EV) Charging Connector Market in Europe is witnessing significant growth due to the increasing adoption of environment-friendly vehicles, particularly fast-charging vehicles. Charging points are essential infrastructure for EVs, with charging poles providing power transfer from the grid to the battery. The EV sector is experiencing innovations in charging technology, including 45 kW external chargers and 3-level charging levels, which offer faster charging times and higher power output. Government subsidies, tax breaks, and grants are key drivers for the market, with many European countries providing incentives to encourage the transition to electric vehicles. Charging power sources range from residential charging to public charging stations, with various charging levels, including Level 1, Level 2, and Level 3 charging. Fast charging, which can provide 80% charge in 30 minutes, is gaining popularity, with DC fast charging offering higher power output and faster charging times. However, challenges such as overheating issues and the need for installation services and site assessments remain. The market is expected to continue growing as pollution levels and emission norms become stricter, and automakers introduce new electric car models. The use of AC and DC charging, as well as Volt AC plugs and Combined Charging Systems, is also becoming more common. Table of Contents: 1 Executive Summary 2 Market Landscape 3 Market Sizing 4 Historic Market Size 5 Five Forces Analysis 6 Market Segmentation ChargingSlow ChargingFast ChargingRapid ChargingGeographyEurope 7 Customer Landscape 8 Geographic Landscape 9 Drivers, Challenges, and Trends 10 Company Landscape 11 Company Analysis 12 Appendix About Technavio Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios. Contacts Technavio Research Jesse Maida Media & Marketing Executive US: +1 844 364 1100 UK: +44 203 893 3200 Email: media@technavio.com Website: www.technavio.com/ View original content to download multimedia:https://www.prnewswire.com/news-releases/europes-ev-charging-connector-market-to-grow-by-usd-58-6-million-from-2024-2028--driven-by-rising-ev-adoption-with-ais-influence-on-market-trends---technavio-report-302230316.html SOURCE Technavio Market News and Data brought to you by Benzinga APIs